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Half of Sask. residents living paycheque to paycheque
Money is removed from a bank machine in Montreal, Monday, May 30, 2016.(Ryan Remiorz / THE CANADIAN PRESS)
Published Wednesday, September 7, 2016 10:23AM CST
A new study by the Canadian Payroll Association says nearly half of people in Saskatchewan live paycheque to paycheque.
About 48 per cent of Saskatchewanians reported that it would be difficult to meet their financial obligations if their cheques were delayed.
The province isn’t alone. Nationally, the number of Canadians who are also living pay cheque to paycheque is also 48 per cent.
35 per cent of respondents in Saskatchewan say they feel overwhelmed by debt, compared to 39 per cent nationally. Nine per cent of people in the province do not believe they will ever be debt free, slightly lower than the national average of 11 per cent.
The study also found that retirement is a concern for many. 74 per cent of people in Sask. say they have saved only a quarter or less of what they will need for retirement, compared to 76 per cent nationally.
A total of 5,629 employees nationally took part in the survey between June 27, and Aug. 5. The margin of error was plus or minus 1.3 per cent, 19 times out of 20.